UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended ~~June~~ December 3031, 2004 Commission File Number 0-17711 Gateway Tax Credit Fund, Ltd. (Exact name of Registrant as specified in its charter) Florida 59-2852555 (State or other jurisdiction of (IRS Employer No.) incorporation or organization) 880 Carillon Parkway, St. Petersburg, Florida 33716 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (727) 567-4830 Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO_____ Number of Units Title of Each Class December 31, 2004 Units of Limited Partnership Interest: $1,000 per unit 25,566

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES X NO Number of Units Title of Each Class June 30, 2004 Units of Limited Partnership Interest: $1,000 per unit 25,566

DOCUMENTS INCORPORATED BY REFERENCE

Parts I and II, 2004 Form 10-K, filed with the
Securities and Exchange Commission on July 13, 2004
Parts III and IV - Form S-11 Registration Statement
and all amendments and supplements thereto
File No. 33-18142

PART I - Financial Information
Item 1. Financial Statements

GATEWAY TAX CREDIT FUND, LTD.

(A Florida Limited Partnership)
COMBINED BALANCE SHEETS

	June 30, 2004 ----------- (Unaudited)	March 31, 2004 ----------- (Audited)
	December 31, 2004 ------------------------ (Unaudited)	March 31, 2004 ------------------- (Audited)
ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable Investments in Securities Prepaid Insurance Tenant Security Deposits Total Current Assets Investments in Project Partnerships, Net Replacement Reserves Rental Property at Cost, Net Total Assets LIABILITIES AND PARTNERS' EQUITY Current Liabilities: Payable to General Partners Accounts Payable Accrued Real Estate Taxes Tenant Security Deposits Total Current Liabilities Long-Term Liabilities: Payable to General Partners Mortgage Notes Payable Total Long Term Liabilities Minority Interest in Local Limited Partnerships Partners' Equity (Deficit): Limited Partners (25,566 units outstanding at June 30 and March 31, 2004) General Partners Total Partners' Equity (Deficit) Total Liabilities and Partners' Equity	$ 1,123,241 8,051 141,678 270 9,327 ----------- 1,282,567 ----------- 1,366,654 18,268 726,661 ----------- $ 3,394,150 =========== $ 516,073 874 7,649 6,400 ----------- 530,996 ----------- 2,946,805 1,225,073 ----------- 4,171,878 ----------- (68,622) ----------- (1,034,262) (205,840) ----------- (1,240,102) ----------- $ 3,394,150 ===========	$ 1,092,672 8,409 139,045 93 6,316 ----------- 1,246,535 ----------- 1,355,760 16,524 741,289 ----------- $ 3,360,108 =========== $ 493,330 3,757 12,001 5,800 ----------- 514,888 ----------- 2,839,013 1,225,073 ----------- 4,064,086 ----------- (68,518) ----------- (945,406) (204,942) ----------- (1,150,348) ----------- $ 3,360,108 ===========
ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable Investments in Securities Prepaid Insurance Tenant Security Deposits Total Current Assets Investments in Project Partnerships, Net Replacement Reserves Rental Property at Cost, Net Total Assets LIABILITIES AND PARTNERS' DEFICIT Current Liabilities: Payable to General Partners Accounts Payable Accrued Real Estate Taxes Tenant Security Deposits Total Current Liabilities Long-Term Liabilities: Payable to General Partners Mortgage Notes Payable Total Long Term Liabilities Minority Interest in Local Limited Partnerships Partners' Deficit: Limited Partners (25,566 units outstanding at December 31 and March 31, 2004) General Partners Total Partners' Deficit Total Liabilities and Partners' Deficit	$ 707,212 51,261 0 177 6,678 ----------- 765,328 1,393,536 21,771 697,407 ------------ $ 2,878,042 ========= $ 263,525 628 15,852 5,700 ------------ 285,705 ------------ 2,992,626 1,225,073 ------------ 4,217,699 ------------ (68,901) ------------ (1,347,458) (209,003) ------------ (1,556,461) ------------ $ 2,878,042 =========	$ 1,092,672 8,409 139,045 93 6,316 ----------- 1,246,535 1,355,760 16,524 741,289 ----------- $ 3,360,108 ========= $ 493,330 3,757 12,001 5,800 ----------- 514,888 ----------- 2,839,013 1,225,073 ----------- 4,064,086 ----------- (68,518) ----------- (945,406) (204,942) ----------- (1,150,348) ----------- $ 3,360,108 =========

Filing Compare · GATEWAY TAX CREDIT FUND LTD